They’re the Most Trustworthy in the Private Aviation Business
Congratulations! You’re looking to purchase your first private jet, build a fleet, or add to your existing fleet! But truthfully, your journey is just beginning.
People new to the industry may not know that buying a jet is a long process that requires you to work with experts to navigate your transaction. Just as you work with a dealership representative to purchase a vehicle, or you work with a real estate agent to buy a house, you must work with the equivalent in the private aviation industry.
Those are aircraft dealers and brokers, and you must put an immense amount of trust in them, because the purchase process is a long one, taking up to a year on average, and sometimes costing millions of dollars. If you want to be able to trust them, we recommend working with an IADA accredited aircraft dealer.
What Is IADA?
IADA is an acronym that stands for the International Aircraft Dealers Association, a professional group of aircraft dealers, brokers, and aviation service providers located in more than 100 countries around the world.
In operation since 1991, the organization has established a rigorous accreditation process and a 14-point code of ethics for their members. Today, fewer than 7 percent of all aircraft dealers have earned IADA accreditation.
What Is Their Code of Ethics?
To apply for accreditation, aircraft dealers must agree to the code of ethics set forth by IADA. This code – paraphrased here – covers all areas of aircraft sales, and requires that members:
- Create and maintain a reputation for honesty and integrity, and promise to adhere to the highest ethical standards in all situations.
- Commit to continual improvement of services, products, and operations.
- Accurately represent their authority to sell, show, or demonstrate an aircraft.
- Expeditiously submit all offers received and inform prospective purchasers when an offer is accepted.
- Never deliberately mislead a jet’s owner about the market value of their aircraft.
- Not accept commission from more than one party in a transaction.
- Compensate employees of either party to the transaction, without written knowledge of the subject party.
- Present accurate specifications of an aircraft for sale.
- Avoid exaggerations or misrepresentations of all facts relating to a transaction.
- Provide competent service at the highest standard of professionalism in the aircraft resale field.
- Reveal any ownership interest they have in an aircraft they represent.
- Disclose any interest or financial benefit in entities whose services they suggest or recommend a client use.
- Fully disclose charges and costs associated with any agreement.
- Ensure documents pertaining to an aircraft purchase are current.
IADA takes this code very seriously, and any dealer found to violate is stripped of their credentials. Please refer to the official IADA code of ethics for more information.
Why Should I Work With an IADA Accredited Aircraft Dealer?
To be eligible for IADA accreditation, dealers must prove they are industry experts. They must have been in business for at least five years, plus meet additional sales experience requirements. These requirements are based on a point system that considers the number of jets the dealer has sold.
These dealers also come recommended by other IADA accredited aircraft dealers, who attest to their professionalism and knowledge.
And unlike in residential or commercial real estate where both sides’ agents receive a portion of the commission – and those agents are sometimes the very same person – an accredited dealer can only take commission from one party – the one they’re representing.
It’s a lot of work even applying for accreditation. In addition to requesting sponsors and proving their business tenure, applicants must also complete what amounts to a series of essay questions explaining their experiences, plus pay a fee to be considered for acceptance.
To do so demonstrates a dedication to doing what’s right in the private aviation industry. Because it takes so much effort, only those who truly believe in ethical business practices complete the process.
Where Can I Find an IADA Accredited Dealer?
You can find a list of IADA accredited aircraft dealers around the world on the IADA website, www.iada.aero. You also can find the full list on AircraftExchange.com, the exclusive listing website of aircrafts for sale by IADA accredited dealers.
You’ll find dealers located in Kansas, Illinois, Nebraska, Maryland, California, Indiana, Florida, Minnesota, North Carolina, South Carolina, Missouri, Texas, Idaho, Georgia, Colorado, Michigan, Wisconsin, Utah, and Ohio, all in the United States; Hong Kong; Ontario and Quebec, both in Canada; Mexico; France; England; and more.
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